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Earlier this week, William Hill’s boss wrote to Theresa May claiming slashing the stakes would be “catastrophic”.

Roger Devlin wrote: “Sadly, I fear that your Government is about to make a decision that is unnecessary and lacking in evidence - a decision that will also be catastrophic for a retail betting industry employing over 40,000 people.”

“Consolidation within our sector continues and I would also not want to see the impact of a disproportionate… outcome being a factor in the name of William Hill being added to the list of companies now in foreign ownership.”

While Betfred warned that 900 of the firm’s shops would become loss-making overnight, forcing it to axe 4,500 jobs in a letter to MPs this week.

But today Ministers risked the ire of the gambling industry by introducing the cap by taking the dramatic measure.

Announcing the maximum stake, Culture Secretary Matt Hancock said: “When faced with the choice of halfway measures or doing everything we can to protect vulnerable people, we have chosen to take a stand.

"These machines are a social blight and prey on some of the most vulnerable in society, and we are determined to put a stop to it and build a fairer society for all.”

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Bookmaker William Hill claimed the cut to £2 a spin could trigger a wave of shop closures and wipe up to £100m off its annual sales profits.

In a stock market statement it said: “A regulatory change of this nature is unprecedented and its impact on customer behaviour will not be fully known until some years after implementation.”

It warned the cut to £2 would result in 900 of its shops - 38% of its total - becoming loss making.

The firm warned: “A proportion of these would be at risk of being closed within a relatively short time.”

Boss Philip Bowcock said: “The Government has handed us a tough challenge today and it will take some time for the full impact to be understood, for our business, the wider high street and key partners like horseracing.”

Online giant Sky Bet, based in Leeds, slammed the increase in gaming taxes that will hit firms like it.

Boss Richard Flint said: “Sky Betting & Gaming doesn’t have any FOBTs but now we – and Yorkshire’s economy – risk being punished because of them.

“Any increase in Remote Gaming Duty is a tax on hi-tech Yorkshire jobs.”

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Shadow culture minister Tom Watson said he was "absolutely delighted" and that he hoped it would "alleviate some of the misery caused by problem gambling in Britain".

He said bookies had "boxed themselves into a corner" by refusing to back down on the issue and diversify into less dangerous forms of gambling.

Bookies Paddy Power Betfair which has a much bigger online arm than William Hill welcomed the news.

In a statement they said: “We’ve consistently called for a significant stake cut which would take this issue off the table, so we’re pleased that the Secretary of State and Government has acted so decisively.

“Our industry provides a fun, exciting experience for the vast majority of customers and it makes sense to try and get back to that by removing what had become a toxic issue.

“Today’s move will have a short-term impact on our business, but we think it’s a really important step towards building a sustainable industry”.

Fixed odds betting terminals could be curbed.

As well as the cap, ministers have taken moves to toughen up protections around online gambling including stronger age verification rules.

They are also examining proposals to require operators to set limits on consumers’ spending until affordability checks have been conducted.

While Public Health England will carry out a review of the evidence relating to the public health harms of gambling

Last year a report found more than two million people were addicted to gambling or at risk of developing a problem.

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Adam's father David had a 30-year secret gambling addiction and hid it from his family, remortgaging their home in secret and stealing tens of thousands of pounds from his employer.

He went to jail and served a sentence for fraud.

Adam and David said today: “We are delighted that the Government has finally seen sense on this important issue. No longer will gamblers be able to run into serious trouble on the High Street and betting has been restored to a leisure activity.

" It is also pleasing to see consideration given to advertising and the rise of online gambling however the measures such as affordability checks will not go far enough to prevent people from the dangers of online betting." “We believe all adverts for gambling should be banned, there is no need for them.

"We also believe more can be done to track risky online betting behaviour as more gamblers will now move their betting online after high street betting becomes less of a tempting option.”

“In response to the industry’s scare tactics threatening job losses, we believe the industry will be able to stay sustainable through further strengthening their ranges of products and ensuring these are rolled out responsibly.

"We are unsure what calculations have been used to come up with these shocking job loss figures."

He said: "A stake reduction to £2 has long been needed to protect consumers from the harm caused by FOBTs.

"This is a decision that puts player protection first, and will allow the gambling industry as a whole to move forwards and create a safer, more socially responsible environment for consumers.

"It is a testament to the wide-ranging campaign for stake reduction from concerned individuals and organisations across politics, public health and the wider gaming sector. The Government has made the right decision and it now needs to be implemented without delay."